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<br />. <br /> <br />. <br /> <br />The Excelsior Irrigating Company payable to the <br />state of Colorado Water Conservation Board, in <br />annual installments together with interest at the <br />rate of 3 3/4% per annum, which note is personally <br />guaranteed by the Seller herein. This sum of <br />$33,000.00 shall be represented by a promissory <br />note payable to The Excelsior Irrigating Company <br />and C. R. Evans and shall be repaid in annual <br />installments beginning one year from the date of <br />closing, together with interest at the rate of 3 <br />3/4% per annum an the outstanding principal balance <br />for a term of 30 years or upon such other terms and <br />conditions as the parties agree. The Excelsior <br />Irrigating Company and C. R. Evans shall be <br />entitled to take back a security interest in the <br />Property described hereinabove to secure the <br />repayment of said note. Said security interest in <br />the Property shall be subordinate to any lien of <br />the Colorado Water Conservation Board. <br /> <br />3. CONVEYANCE. Title shall be conveyed to Buyer by good and <br />sufficient warranty deed and by an appropriate stock assignment in <br />the form as required and approved by the Buyer and shall be <br />conveyed in the name of ARKANSAS GROUNDWATER USERS ASSOCIATION. <br />FOllowing said conveyance, appropriate stock certificates shall be <br />surrendered by the Seller and reissued by the corporation in the <br />-name of the Buyer. <br /> <br />4. ASSESSMENTS. All current assessments on the stock <br />certificates for the year 1997 shall be paid in full by the Seller. <br />All assessments on the stack certificates for the year 1998 shall <br />be prorated to the day of closing and paid by the Seller and Buyer <br />in the prorated amounts when the assessments become dUe. All <br />assessments for the year 1999 and thereafter shall be paid by the <br />Buyer. <br /> <br />5. LEASES. The shares of stock are currently subject to a <br />lease by and between Seller and Buyer and said lease shall be <br />terminated as to the shares being purChased herein at the time of <br />closing, and any lease payments due and owing under the terms of <br />the lease shall be prorated to the date of closing. <br /> <br />6. CLOSING. Closing shall be held at the office of SCOTT R. <br />FONCANNON, Attorney at Law, 512 North Main Street, Rocky Ford, <br />Colorado, on or about May 1, 1998, or at such other reasonable and <br />appropriate time as the parties shall mutually agree. <br /> <br />7. COSTS. <br />customary costs of <br />associated with any <br /> <br />Each party shall bear their normal and <br />closing and the Buyer shall bear any costs <br />loans for any portion or part of the purchase <br /> <br />2 <br />